Economy
Senate Urges Agencies to Emulate NEITI
By Dipo Olowookere
The several efforts being made by the Nigeria Extractive Industries Transparency Initiative (NEITI) to ensure that the nation’s extractive industry is viable has been commended by the Senate.
Chairman, Senate Committee on Federal Character and Inter-Governmental Affairs, Mr Tijjani Yahaya Kaura, while speaking recently in Abuja, noted that the agency has done well to save the sector from imminent collapse.
He praised management of NEITI and urged them to continue with the good work.
The lawmaker said the monumental corruption that characterized the oil and gas industry since inception has resulted in a situation where the natural resources became a curse rather than a blessing to the citizens.
Speaking when the management of NEITI appeared before the Committee to defend its 2018 budget proposal, Mr Kaura said, “We are aware of the courageous work that NEITI has done and the sanity that its intervention has brought to the sector in spite of mounting challenges.
“NEITI’s bold and courageous disclosures have drawn attention and beamed the torch light on the sector that is the lifeline of the nation.”
He expressed his Committee’s delight and satisfaction over the excellent work done so far by NEITI especially in the last two years and promised to support the agency in ensuring that it gets the required resources to enable it fulfil its mandate.
“We have very high regards for you and your agency because we know you are transparent,” Mr Kaura said, adding that, “I personally commend the Executive Secretary and his able team in NEITI for walking the talk.”
The Senator called on other agencies of government to emulate the competence, professionalism and integrity exhibited by NEITI in the discharge of its duties.
Presenting the budget, the Executive Secretary of NEITI, Mr Waziri Adio, appealed to the committee for support in ensuring adequate appropriation so that the agency will continue to deliver in its mandate.
He told the committee that the driving philosophy of NEITI remains the promotion of a culture of learning and achieving much with less and commended the government for supporting the operations of NEITI even when the pronouncements of the agency appear to challenge the status quo.
Mr Adio reaffirmed the commitment of the NEITI to remain professional, bold and courageous in confronting institutional, governance and man-made obstacles that frustrate transparency and accountability in the extractive sector especially the oil and gas industry.
He identified the “automation of NEITI audit process, timely and regular reporting, and multi-stakeholders’ mobilization towards using the EITI framework for reforms” as key priorities of the agency.
The ES used the forum to renew his appeal to the National Assembly to see its relationship with NEITI as that of critical partners in the monitoring and oversight functions.
One way to achieving this, he added, is for the National Assembly to “Ensure that NEITI reports are publicly debated at plenary sessions of the Senate and House of Representatives, pay attention to the recommendations contained in the report and ensure that remediation occurs.
“This will guarantee that the on-going reforms in the sector championed by NEITI’s advocacy impact the citizenry. This is not what we can do all alone by ourselves. We need you and others to play their parts.”
By Aduragbemi Omiyale
The Nigeria Police Force (NPF) has promised to work with the Securities and Exchange Commission (SEC) and the Nigerian Exchange (NGX) Group Plc for the prevention of financial crime, and the reinforcement of trust and confidence in Nigeria’s capital market.
The Inspector General of Police, Mr Kayode Egbetokun, gave this assurance on Wednesday at the closing gong ceremony in his honour at the NGX in Lagos.
The police chief said, “A transparent and well-regulated capital market is vital to Nigeria’s economic growth. The Nigeria Police Force remains committed to working with regulators and market operators to prevent financial crime, protect investors, and uphold the integrity of our financial system.”
Earlier in his welcome address, the chairman of NGX Group, Mr Umaru Kwairanga, commended the leadership of the police in supporting market integrity.
“Market integrity is a shared responsibility. By honouring the Inspector-General of Police, we are reinforcing the importance of institutional alignment in protecting investors and preserving trust in our financial system.
“Strong collaboration between regulators, enforcement agencies, and market infrastructure institutions is essential to building a resilient and credible market that supports economic growth,” he stated.
The Director-General of SEC, Mr Emomotimi Agama, while speaking, emphasized the importance of coordinated enforcement, noting: “Investor protection is at the core of market regulation, and today’s engagement highlights how critical collaboration with law enforcement is to achieving that mandate. This partnership strengthens our enforcement capacity, enhances deterrence against illegal investment activities, and reinforces confidence in the Nigerian capital market.”
As for the chairman of NGX Limited, Mr Ahonsi Unuigbe, “A transparent and orderly market can only thrive where rules are respected and misconduct is addressed decisively. The presence of the Nigeria Police Force in this collective effort sends a strong signal that safeguarding the market is a national priority.”
Similarly, the chief executive of NGX Group, Mr Temi Popoola, stressed the importance of aligning innovation with oversight, pointing out that, “Technology and market growth must be supported by strong enforcement and investor protection frameworks. Our collaboration with the SEC and the Nigeria Police Force reflects a unified approach to preserving the credibility of Nigeria’s capital market.”
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rallied by 0.09 per cent on Wednesday, February 4, amid renewed appetite for unlisted stocks.
This lifted the NASD Unlisted Security Index (NSI) by 3.18 points to 3,641.30 points from the previous session’s 3,641.30 points and raised the market capitalisation by N1.9 billion to N2.180 trillion from the N2.178 trillion quoted on Tuesday.
The bourse recorded three price gainers and four price losers at the midweek session.
The advancers were led by Air Liquide Plc, which went up by N2.04 rise to end at N22.53 per share versus the previous session’s N20.49 per share, Central Securities Clearing System (CSCS) added 97 Kobo to sell at N44.97 per unit versus N44.00 per unit, and Acorn Petroleum Plc appreciated by 2 Kobo to N1.37 per share from N1.35 per share.
On the flip side, Geo-Fluids Plc lost 55 Kobo to sell at N6.26 per unit versus N6.81 per unit, Nipco Plc depreciated by 48 Kobo to trade at N259.00 per share versus N259.48 per share, FrieslandCampina Wamco Nigeria Plc declined by 40 Kobo to N63.10 per unit from N63.50 per unit, and Industrial and General Insurance (IGI) depleted by 1 Kobo to 65 Kobo per share from 66 Kobo per share.
Yesterday, the volume of trades slid by 64.5 per cent to 2.5 million units from 7.0 million units, the value of transaction decreased by 53.2 per cent to N17.7 million from N37.9 million, and the number of deals went down by 47.1 per cent to 18 deals from 34 deals.
CSCS Plc remained the most traded stock by value on a year-to-date basis with 16.0 million units valued at N652.6 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units exchanged for N111.2 million, and Geo-Fluids Plc with 11.7 million units traded for N76.1 million.
CSCS Plc was also the most active stock by volume on a year-to-date basis with 16.0 million units sold for N652.6 million, trailed by Mass Telecom Innovation Plc with 13.3 million units worth N5.3 million, and Geo-Fluids Plc with 11.7 million units valued at N76.1 million.
By Adedapo Adesanya
The Naira rallied at the different segments of the foreign exchange (FX) market on Wednesday as supply continues to outweigh demand, giving it an edge against the United States Dollar.
In the parallel market, the Nigerian Naira improved its value on the greenback yesterday by N5 to quote at N1,450/$1 compared with the previous day’s N1,455/$1, and at the GTBank FX desk, it gained N3 to trade at N1,383/$1, in contrast to Tuesday’s exchange rate of N1,386/$1.
In the the Nigerian Autonomous Foreign Exchange Market (NAFEX), which is also the official market, the Naira firmed up against the Dollar at midweek by N14.63 or 1.1 per cent to settle at N1,358.28/$1 versus the preceding session’s N1,372.91/$1.
Against the Pound Sterling, the domestic currency appreciated on Wednesday by N14.16 to N1,863.43/£1 from the previous day’s N1,877.59/£1, and gained N13.73 on the Euro to end at N1,606.03/€1 versus the N1,619.76/€1 it was exchanged a day earlier.
The strengthening of the Naira value has been driven by the injection of forex into the financial markets by foreign investors seeking attractive investments in the emerging markets, helping to boost Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with the capacity to support the local currency.
As of February 4, 2026, the reserves reached $46.59 billion.
The local currency has been able to find a solid path despite no indications of any intervention from the apex bank in recent week, strengthening the case of price discovery.
Policy moves by the CBN is also offering a backbone for the FX market as it considers some strategic reforms through a policy known as the Single Regulatory Window.
In its 2025 Fintech Report, the central bank said this scheme will significantly reduce time-to-market for new digital financial products by streamlining licensing and supervisory processes across multiple agencies.
Meanwhile, the cryptocurrency market was in red amid a broad sell-off in global technology stocks, with reports showing that liquidity was notably thin, amplifying price moves and contributing to forced liquidations. The decline followed a sharp sell-off in global technology stocks overnight, where concerns over the pace of artificial intelligence adoption and rising capital spending by major firms weighed heavily on valuations.
Bitcoin (BTC) lost 7.9 per cent to sell at $70,534.94, Ripple (XRP) declined by 11.2 per cent to $1.42, Binance Coin (BNB) slumped by 9.4 per cent to $689.70, Ethereum (ETH) crashed by 8.9 per cent to $2,072.46, and Solana (SOL) dipped by 8.7 per cent to $89.86.
In addition, Dogecoin (DOGE) depreciated by 6.9 per cent to $0.1008, Cardano (ADA) slipped by 6.8 per cent to $0.2792, Litecoin (LTC) dropped 5.1 per cent to trade at $57.56, and US Dollar Tether (USDT) went down by 0.1 per cent to $0.9980, while the US Dollar Coin (USDC) closed flat at $1.00.
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